Methodology: The national average credit card APR is comprised of 100 of the most popular credit cards in the country, including cards from dozens of leading U.S. issuers and representing every card category listed above. Introductory, or teaser, rates are not included in the calculation.

The national average annual percentage rate (APR) held
steady at 14.95 percent Wednesday for the fifth consecutive week.

None of the issuers tracked by CreditCards.com altered rates
this week.

Since Jan. 1, interest rates have remained unchanged nine
weeks out of 12. In the rare instances that the national average did change
this year, it moved by just one hundredth of a percentage point.

Credit card issuers have been slow to make substantial
changes to card offers for much of the past year. Average credit card interest
rates, for example, have hovered between 14.9 percent and 15.01 percent since
March 21, 2012.

Many of the cards tracked by CreditCards.com have also
featured the same promotional offers since early 2012.

Consumer spending up
Experts say that credit card issuers are waiting for a
stronger sign that the economy is on the mend before they make bigger changes
to card offers.

For the past year, the economy has slowly improved. However,
consumer spending had remained weak, making it tough for small businesses to
count on a steady customer base.

Now, consumers appear to be loosening their grip on their
wallets somewhat, after sticking closely to their budgets for much of 2012.

For example, consumer spending on food and retail items rose
substantially in February compared to previous months, according to new
research from the Commerce Department.

Retailers, in particular, saw a significant increase in
customers in February, especially compared to last year. Retail sales rose by
4.7 percent in February compared to the same period in 2012.

A big chunk of that spending occurred at gas stations,
thanks to substantially higher fuel prices. Gas sales rose by 5 percent in
February compared to the previous month.

However, other kinds of retailers also benefitted from an
uptick in sales. For example, sales at retail stores grew 1.8 percent in February,
while sales at nonstore retailers grew by 1.6 percent.

Retail spending is still nowhere near pre-recession levels.
However, the recent pickup in consumer spending is a positive sign that
consumers are feeling less pressure to save. That's especially noteworthy these
days since many consumers face ongoing uncertainty over government
spending and a decrease in disposable income.

Since January, most Americans have been paying higher
payroll taxes than they were the year before thanks to the expiration of the
payroll tax holiday. Some economists predicted that the smaller paychecks would
cause consumers to tamp down their spending once they realized they had less to
spend. So far, though, consumers appear to be unfazed by the slightly higher
taxes. They are neither pinching every penny or going hogwild with spending, leading to a mixed bag of economic reports.

Sales on
some big-ticket purchases -- such as furniture and appliances -- fell
last month. Home furnishing stores saw a 1.6 percent decrease in sales in February,
while electronics and appliance stores sustained a 0.2 percent hit to their
sales volume.

While consumers let their cribs remain the same, their rides are new. Sales on
automobiles rose considerably in February -- a strong sign that
consumers are at least feeling confident enough to take on a monthly car payment.
Auto sales rose 8.8 percent in February 2013, compared to the same period in 2012,
according to the Commerce Department.

Retailers may see even stronger spending soon, say
experts. The Deloitte Consumer Spending Index, which tracks Americans' cash
flow to predict how consumers will spend, ticked
up in February, according to a report released March 20.

The index aggregates several economic factors, including as how much income consumers are bringing in and how
much they're paying in taxes to measure the amount of cash consumers are
likely to have on hand to spend.

Last month's modest increase means
Deloitte's researchers think consumers are more likely to ramp up their spending this spring.

"The
economic fundamentals that influence consumer spending are aligning," said
Deloitte's Patricia Buckley in a press
release announcing the report. "Financial
institutions and the markets are stronger, and consumer confidence and real
spending appear to be weathering the 2013 payroll tax increases fairly well."

If Congress
hadn't failed to come to an agreement about government spending earlier this
month, the economy would probably be doing even better, she added in the
statement. "Absent the uncertainty surrounding the impact of the sequester, an
economic turnaround would likely be imminent," said Buckley.

Published: March 20, 2013

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